(Reuters) – Alphabet (NASDAQ:) Inc-owned Google plans to buy an office building in Manhattan for $2.1 billion, even as most of its employees work remotely and companies adopt hybrid work models.
The deal for St. John’s Terminal site in New York City, expected to open by mid-2023, will complete in the first quarter of next year, Chief Financial Officer Ruth Porat said in a blog post on Tuesday.
The announcement comes nearly a month after the company’s top boss, Sundar Pichai, told employees in an email that Google was extending its voluntary return-to-office policy through January due to rising cases of COVID-19 variant Delta.
The new investment “builds upon our existing plans to invest more than $250 million this year in our New York campus presence,” Porat said.
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